Technology Archive

AI and automation tools, like generative AI chatbots, have transformed business operations. ChatGPT, the AI-driven chatbot developed by OpenAI, is revolutionizing the industry with its user-friendly interface and unprecedented human-like responses.

Artificial intelligence (AI) has revolutionized the job market in recent years, spawning roles like data analysts, machine learning engineers and AI ethicists. To thrive in their positions, employees must exhibit a blend of both technical and soft skills.

Artificial intelligence (AI) has arrived in the construction industry, promising to revolutionize it. From preconstruction to site safety, the construction industry is using more AI technology to facilitate the various stages of the construction process.

The adoption of new technology is no longer a choice but a necessity for staying competitive in business. Despite the undeniable benefits these advancements bring, getting customers comfortable with change remains a significant challenge. Why it matters: The key to shifting customers’ mindset to embrace change lies in trust and clear communication when undergoing any user-faced automation transformations. Several financial institutions, both large and small, have undergone digital transformations in recent years, notably incorporating AI to simplify everyday functions. This widespread…

The role of credit professionals in modern organizations is multifaceted and challenging, with numerous responsibilities and pressures. The evolution of technology, from computers to artificial intelligence, has transformed the credit management field, improved productivity and eliminated repetitive tasks. However, for some credit departments, technology has become a burden.

Artificial intelligence (AI), a machine’s ability to perform the cognitive functions we associate with the human mind, is being used to facilitate processes and improve efficiency in business. As different forms of AI gain popularity in the finance sector, credit professionals must become experts on how AI can support their role and simplify workflow. Why it matters: Even if your company isn’t utilizing AI, it’s critical to establish credit policies to safeguard against risk.

Automation can help streamline repetitive tasks, reduce errors and ensure timely responses, improving overall credit management. A recent eNews poll brought light to the fact that 65% of credit professionals do not leverage automation for their credit and collections processes. Surprisingly, of the 35% who do, only 21% are satisfied with their automation or technology vendors, leaving room for opportunity for improvement.

In an era defined by the rapid evolution of artificial intelligence (AI), the profound impact of AI has become increasingly evident. Transformative AI technologies such as OpenAI’s ChatGPT have reshaped the business landscape by boosting productivity at the workplace. The use of generative AI in finance is expected to increase global GDP by 7%—nearly $7 trillion—and boost productivity growth by 1.5%, according to Goldman Sachs Research. AI has the potential to increase financial services revenues by 34% and economic growth by 26%, according to a report from Gitnux. Chatbots are also gaining…